American States Water Company is a diversified utility company with several subsidiaries and three segments, including water, electric, and contracted services.
As of the end of 2025, the company's regulated utilities had about 265,100 water customers and approximately 24,900 electric customers. It also has a number of military contracts.
A majority of its revenue comes from Golden State Water Company, a subsidiary involved in the purchasing, production, and distribution of water in 10 California counties.
Like other utilities, American States Water Company benefits from a lack of competition. Customer growth has been sluggish, but its water business benefited from a rate hike in 2025, which drove overall revenue up 11% to $658.1 million.
American States Water Company has been less acquisitive than other water utilities, although its profits have grown steadily, from $1.62 per share in 2016 to $3.37 in 2025. The company has kept costs relatively flat even as rates have ticked up.
American States Water has also been a reliable dividend payer, offering a dividend yield of 2.6% as of May 2026.
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